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Home loan calculator
Calculate your home loan payment with principal, interest, taxes, and insurance (PITI). Compare FHA (3.5% down), VA (0% down), conventional (5–20% down), and jumbo loans.
Home loan types compared
| Type | Min down | Min FICO | Mortgage insurance |
|---|---|---|---|
| Conventional | 3–5% | 620 | PMI until 20% equity |
| FHA | 3.5% | 580 | MIP for life (most cases) |
| VA | 0% | 580–620 | None (funding fee instead) |
| USDA (rural) | 0% | 640 | 1% upfront + 0.35% annual |
| Jumbo | 10–20% | 700+ | Varies |
PITI — the four parts of your payment
- Principal — paying down the loan balance
- Interest — cost of borrowing
- Taxes — property tax, paid into escrow monthly
- Insurance — homeowner's insurance + PMI if applicable
$400k home, $80k down (20%) — full PITI
- P + I (7% / 30 yr on $320k): $2,129/mo
- Property tax (1.1%/yr nat'l avg on $400k): $367/mo
- Homeowner's insurance: $125/mo
- PMI: $0 (20% down)
- Total PITI: $2,621/mo
Home Loan Calculator FAQ
How much home can I afford?
Rule of thumb: PITI should be ≤28% of gross monthly income (front-end ratio), and all debt (PITI + auto + student + credit cards) ≤36% (back-end). On $100k gross/yr ($8,333/mo): PITI cap ~$2,333. That maps to ~$350–400k home with 20% down at current rates.
What credit score do I need to buy a house?
FHA: 580 (3.5% down) or 500 (10% down). Conventional: 620 minimum. VA: most lenders want 580–620. Best rates start at 740 FICO. Below 660 you'll pay 0.5–1.0% higher rate than top tier — costs $30–60k extra over 30 years on a $400k loan.
What's PMI and how do I get rid of it?
Private Mortgage Insurance — required on conventional loans with less than 20% down. Costs 0.3–1.5% of loan annually. Drops automatically at 78% LTV, or you can request removal at 80% LTV with an appraisal. FHA mortgage insurance (MIP) is harder to remove — usually requires refi to conventional.
Should I put 20% down?
Pros: no PMI, better rate, lower payment. Cons: ties up cash you could invest. With 7% mortgage rates, putting 20% down is roughly break-even with investing the difference. Below 5% rates, math favors smaller down + invest. Most people prioritize the certainty of 20%.
VA loan vs conventional — which is better?
If you qualify, VA is almost always better. No down payment, no PMI, competitive rates. VA funding fee (1.4–3.6% of loan) is the only catch, and it's waived for disabled veterans. Conventional wins only if you have 20%+ down and want to avoid the funding fee.
Are mortgage rates going to drop in 2026?
Forecasters expect modest declines if the Fed cuts rates, but mortgage rates are tied to 10-year Treasury yields more than Fed funds. Locking in 6.5–7% today and refinancing later if rates drop is a common strategy. Don't wait for a perfect rate — buy when you're ready and refi opportunistically.